What are the key elements of Enterprise Risk Management(ERM)?

More appropriate elements are:-

1. Internal Environment - This covers the Management's values,company's ethics,risk appetite of the Management.

2.  Objective or Goal Setting- The objectives set by the company.

3.  Event Identification -  Internal and External Events affecting the company.

4.   Risk Assessment -  Analysis of risk events probability  and their effect.

5.   Risk Response  -   set of measures to  tackle risks.

6.   Control  Activities -  Methodolgies/SOPs/policies to ensure effectiveness of risk responses.

7.   Information and Communication -   dissemination of risk related info to all stakeholders.

8.   Monitoring --  Monitoring and intervention/modification mechanisms.

1- Identify Risk.

2- Source Risk.

3- Measure Risk.

4- Evaluate Risk.

5-Mitigate Risk.

6-Monitor Risk.